FX.co ★ EUR/NZD analysis for August 15, 2016

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5478 in a high volume. According to the 30M time frame, I found bullish outside bar formation, which is sign that selling EUR/NZD at this stage looks risky. According to the 5M time frame, I found changing in trend dynamic from bearish to bullish. There is a climatic action in the background and successful absorption volume. Watch for buying opportunities.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5525

R2: 1.5555

R3: 1.5610

Support levels:

S1: 1.5420

S2: 1.5390

S3: 1.5340

Trading recommendations for today: Watch for buying opportunities.